QCP: Bitcoin's Expectations for a Rise Continue, But Eyes Turn Here
Although the crypto market had a volatile start in October, the "Uptober" trend is gaining strength again. According to QCP Asia Color's October 7 report, Bitcoin (BTC) is following a trend close to the levels it reached at the beginning of last week and has found strong support due to positive developments in the market.
There are a number of factors supporting the price of BTC. Along with this upward trend called "Uptober", positive Nonfarm Payrolls (NFP) data announced in the US contributed to BTC finding strong support at around $60,000.
In addition, the upcoming HBO Bitcoin documentary is also drawing more attention to cryptocurrencies in the mainstream. Len Sassaman-themed memecoins have also started to gain interest due to this documentary.
Bitcoin's expectation continues to rise
Despite the volatile start of last week, flows in the options market still point to an increase in the fourth quarter. Investors are still buying options with strike prices of $75,000 and $95,000 that expire in December, indicating that the market continues to expect an upward move in the fourth quarter. In addition, October is expected to be a strong period for the crypto market, given the expectations of a rate cut by the US Federal Reserve (Fed) and the strong correlation of BTC with stocks.
Watch out for inflation data
However, this week, the focus of the markets is on the US Consumer Price Index (CPI) data to be released on Thursday. Along with the strong wage and employment data released in the US recently, it is being closely monitored whether this inflation data will indicate any increase.
Stay tuned for new information.
